I was referring to applying to a new elite visa not upgrading one.
I did it this year and I had 30 days to make the payment.
The processing time varies, they told me 1-2 months, mine took 2 months. They give me the same time estimate for upgrading.
Also, you can use a credit card(one with no foreign fees), you don’t need to do a bank transfer. That’s what I did, got some points in the process.